Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, property values usually go up.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have more equity to borrow against, and you get a larger profit when you sell.
Property values in Burlington fluctuate for numerous reasons, so how will you know what you're purchasing today won't depreciate the day after you close?
The most important factor to consider is that you choose a REALTOR® in Burlington who recognizes the factors that influence local prices.
Many think that the economy is the biggest factor impacting real estate appreciation.
It goes without saying that
there are a lot of issues on a national level that adjust your home's value: unemployment, mortgage rates, business growth, and more.
However, your property's value and the components that play the most significant role in its appreciation are particular to the local Burlington economy and housing market.
Access to services - Proximity to schools and jobs also have a major influence on many home buyers' choices.
So these communities consistently appreciate, or carry their value, best.
The latest home sales - You should receive information on the recent real estate sales in the areas that you're interested in from your agent. You'll want to know data like how long a house stays on the market and seller discounts.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have house prices gone up or down over the past 5 to 10 years?
Local economy - Is there a fair blend of business in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a part.
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